Bitcoin holdings on exchanges reach lowest level in six years

By Crypto Gloom On Nov 15, 2024

Key Takeaways

Bitcoin holdings on exchanges fell to 2.3 million, the lowest level since November 2018.
Confidence in Bitcoin has grown, with ETFs currently holding 1 million BTC, leading to weekly outflows of $2.7 billion and monthly outflows of $7.58 billion, according to data from CoinGlass.

Bitcoin holdings on exchanges have fallen to their lowest level since November 2018, according to CryptoQuant verification analysts.

Bitcoin exchange holdings chart (Source: CryptoQuant)

According to data from CoinGlass, about 30,000 bitcoins worth about $2.7 billion were leaked from exchanges last week.

Over the past 30 days, outflows amounted to 85,000 bitcoins, or $7.6 billion.

Bitcoin held on exchanges has steadily declined since January, falling from 2.72 million bitcoins to 2.3 million bitcoins as investors moved their holdings to personal wallets for long-term storage.

This trend is consistent with the growth of the Bitcoin ETF, which currently holds a total of 1 million Bitcoins.

BlackRock has emerged as the largest institutional holder of Bitcoin, managing more than 470,000 Bitcoins worth $41 billion.

Reduced supply on exchanges and increased dominance by long-term holders and ETFs could make the Bitcoin market more resilient, setting the stage for potential new price highs.